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- GameStop’s Bitcoin holdings gained $28.6M in Q2.
- Collectibles sales surged 63% despite lower net sales.
- GME stock spiked 7% after earnings report release.
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GameStop’s latest earnings report shows that its $528 million Bitcoin (BTC) holdings provided a much-needed boost to its balance sheet, helping reduce losses despite falling sales. The gaming retailer’s move into digital assets has aligned it with other publicly traded companies adopting Bitcoin as a treasury reserve.
Bitcoin Holdings Drive Unrealized Gains
The company purchased $500 million worth of Bitcoin during the second quarter, amassing 4,710 BTC. By August 2, 2025, those holdings were valued at $528.6 million, generating an unrealized gain of $28.6 million. GameStop uses Coinbase’s benchmark pricing to calculate the fair value of its crypto reserves.
This strategic move comes as Bitcoin prices climbed nearly 18% since the purchase, demonstrating the potential upside of the asset in supporting corporate finances.
Mixed Q2 Results: Losses Narrow, Sales Slip
For Q2, GameStop reported a net loss of $18.5 million, marking an improvement from previous periods. Operating losses also fell to $9.2 million, supported by cost-cutting measures. However, net sales declined to $674 million due to weakening hardware and software demand.
The bright spot was GameStop’s collectibles segment, which surged 63% year-over-year thanks to trading cards, branded merchandise, and exclusive publishing partnerships. Special releases, such as the upcoming Borderlands 4 collector’s editions, bolstered performance in this category.
Meanwhile, demand for the PlayStation 5, Xbox Series X|S, and anticipation surrounding Nintendo’s Switch 2 prevented further erosion in hardware revenue.
GME Stock Reacts to Report
GameStop’s stock (NYSE: GME) rose 1.5% in regular trading and jumped as much as 7% in after-hours action to $25.29 following the earnings release. Still, the stock remains relatively stagnant over the past year, pressured by slowing sales and persistent short interest of 67.8 million shares, or about 15% of float.
The firm also raised $270 million via convertible bonds, exited operations in Canada and France, and signaled plans to raise $1.75 billion more to improve liquidity. Market speculation suggests a portion of the capital may be directed toward expanding its Bitcoin holdings.
By strengthening its collectibles division and adding Bitcoin to its balance sheet, GameStop is attempting to reinvent itself beyond traditional retail. Whether its crypto bet pays off long-term will depend on market conditions—but for now, Bitcoin is keeping losses in check.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: GameStop Eyes Crypto Payments for Trading Cards
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
